any thoughts on what that could look like going forward? You guys -- I mean, given the decline in the margin, I understand your comments about

any thoughts on what that could look like going forward you guys -- i mean given the decline in the margin i understand your comments about


With this execution, we expect our additional equity investment in Ivy Hill will generate a comparable level of dividends

with this execution we expect our additional equity investment in iv hill will generate a comparable level of dividends


We have reached the point where LED product represents our core business as they have become the focus of almost all of our customers.

we have reached the point where led product represents our core business as they have become the focus of almost all of our customers


However, many of the other segments have weakened, which is consistent with the general economic trends and slow growth others are reporting.

however many of the other segments have weakened which is consistent with the general economic trends and slow growth others are reporting


about the infrastructure forecast for the fourth quarter, and I think I heard that there will be somewhat less

about the infrastructure forecast for the fourth quarter and i think i heard that there would be somewhat less


Before we begin our prepared remarks, I'll remind everyone that this call will include forward-looking statements, as defined under the securities laws.

before we begin our prepared remarks i'll remind everyone that this call will include forward-looking statements as defined under the securities laws


We are now making additional investment both in technology and distribution to support the continued growth of this strategy.

we are now making additional investments both in technology and distribution to support the continued growth of this strategy


While the markets and operating environments have created some serious challenges for both us and the rest of the industry,

while the markets and operating environment have created some serious challenges for both us and the rest of the industry


that we're going to attract a lot of new customers, and it should -- there's no reason it doesn't perform like the spinners did for us. It's just a matter of magnitude,

that we're going to attract a lot of new customers and it should -- there's no reason this doesn't perform like the spinners did for us it's just a matter of magnitude


all right. And I can get the presented from you another time. I wondered if you could review back

all right and i can get the presented from you another time i wondered if you could review back


Now our Crop Protection business continues to outperform the industry, led by strong performance in Asia and Europe.

now our crop protection business continues to outperform the industry led by strong performance in asia and europe


to drive the top line positive. And so being more thoughtful about the balance sheet simply makes sense to us.

to drive the top line positive and so being more thoughtful about the balance sheet simply makes sense to us


As always, it is important to note that we do not believe that the very strong growth rates from our early sales will be maintained through the remainder of the selling season

as always it is important to note that we do not believe that the very strong growth rates from our early sales will be maintained through the remainder of the selling season


they're absent right now. And so what I view is happening is this kind of continued pause and hesitancy

they're absent right now and so what i view is happening is this kind of continued pause and hesitancy


than any other enterprise software company in history. You can see that in the numbers from this quarter, the trajectory is clear.

than any other enterprise software company in history you can see that in the numbers from this quarter the trajectory is clear


environmentally friendly products into their portfolios in terms of their public transport products.


This standardized way of working drives growth because it ensures our brands are available in the most dynamic outlets

this standardized way of working drives growth because it ensures our brands are available in the most dynamic outlets


The size of the circles represent the relative size of the loan portfolios, and the circles are ordered by size, left to right,

the size of the circles represent the relative size of the loan portfolios and the circles are ordered by size left to right


In many cases, it reduces cost, but in some cases, it increases revenue. Certainly has an impact on customer satisfaction and employee satisfaction. So

in many cases it reduces cost but in some cases it increases revenue certainly has an impact on customer satisfaction and employee satisfaction so


If we're fortunate enough to get a pellet plant order and we're fortunate enough to deliver some of it in '18, it will not be dilutive. Okay,

if we're fortunate enough to get a telapam order and we're fortunate enough to deliver some of it in '18 it will not be diluted


while development costs for dasotraline and others that are closer to NDA filing will decrease.

while development costs for dasatinib and others that are closer to nda filing will decrease


Before turning the call to Herb, I would like to share the one other executive team position that is new for the company this fiscal year.

before turning the call to herb i would like to share the one other executive team position that is new for the company this fiscal year


we can come in and help these very large clients in their remote offices. So we've made a conscious effort

we can come in and help these very large clients in their remote offices so we've made a conscious effort


another questioner asked about ultimately how productive these branches could get in terms of the servicing.

another question or asked about ultimately how productive these branches could get in terms of servicing


We also reported the second highest annual net income and earnings per share. But that's the bright part of the story.

we also reported the second highest annual net income and earnings per share but that's the bright part of the story


the one little bit of guidance I'll give you because it's such a noisy thing is that Orchard will more than likely turn around after the second quarter

the one little bit of guidance i'll give you because it's such a noisy thing is that orchard will more than likely turn around after the second quarter


But in the future, laypeople will configure without the need for software coding skills.

but in the future laypeople will configure without the need for software coding skills


We are well positioned with the leading CapEx investors and believe we can continue to grow with their expansion plans.

we are well positioned with the leading capex investors and believe we can continue to grow with their expansion plans


did they outgrow the rest of your portfolio when you strip out household cleaning when you look at that or was it about even this time?


on an annualized basis by the end of fiscal 2020. The transition of our merchandising staff will occur over the next 6 months,

on an annualized basis by the end of fiscal 2020 the transition of our merchandising staff will occur over the next 6 months


listening and learning as much as I can about the business and operation. And at the end of that time, I'll present a plan to Paul comprising my

listening and learning as much as i can about the business and operations and at the end of that time i'll present a plan to paul comprising my


that the situation is, that because it's a tire and a wheel,

that the situation is that because it's a tire and a wheel


With respect to our portfolio reshaping, we continue to expect our sale of certain Wallop assets to close in the first half of this fiscal year.

with respect to our portfolio reshaping we continue to expect our sale of certain volup assets to close in the first half of this fiscal year


just curious, and maybe it's a moot point with a sale pending, but is there any recovery on that if it was a third party responsible for it?

just curious and maybe it's a moot point with the sale pending but is there any recovery on that if it was a third party responsible for it


We also have quite a bit of activity across the group around implementing lean activity, not just in our operations,

we also have quite a bit of activity across the group around implementing lean activity not just in our operations


And the chart on the right there gives a breakdown of where that operational RoRE outperformance has come from. The middle line is the business plan commitment.

and the chart on the right there gives a breakdown of where that operational rory outperformance has come from the middle line is the business plan commitment


as well as poor weather conditions and poor hours of daylight, which impact oil and gas operations. Q1 of this year was no different.

as well as poor weather conditions and fewer hours of daylight which impact oil and gas operations q1 of this year was no different


So we're probably looking at probably several quarters of work to try and to primarily educate

so we're probably looking at probably several quarters of work to try to primarily educate


Our new threat models are well received so far. They work out of the box and provide meaningful alert about potential threats to data

our new threat models are well received so far they walk out of the box and provide meaningful alerts about potential threats to data


and we look at something called vintage curves and what we basically do is check accounts over time and assess their behavior against previous accounts.


Our remarks and answers to your questions today may contain forward-looking information about future events on the company's performance.

our remarks and answers to your questions today may contain forward-looking information about future events on the company's performance


areas in other markets. We certainly want to leverage the strong businesses that we acquired as part of the Walker

areas and other markets we certainly want to leverage the strong businesses that we acquired as part of the walker


I believe we took market share from our competition as we continued to outperform them. As I've said, many times before,

i believe we took market share from our competition as we continued to outperform them as i've said many times before


But we can see the momentum because there are a number of orders on a daily basis that are going specifically for oral surgery practices

but we can see the momentum because there are a number of orders on a daily basis that are going to the oral surgery practices


Most of the savings came from lab materials and labor, which directly benefit from higher volumes, especially as we automated more of our production processes.

most of the savings came from lab materials and labor which directly benefit from higher volumes especially as we automated more of our production processes


So they're the sort of dynamics here. And if I think back to the journey where we took those businesses I mentioned before that were losing money,

so they're the sort of dynamics here and if i think back to the journey where we took those businesses i mentioned before that were losing money


On the half of the market that's trade, that essentially is all going to market through our own trade network where we, the Dulux company, sold to the painters.

on the half of the market that's trade that essentially is all going to market through our own trade network where we the dualux company sell to the painters


all that attractive when you look at some of the other transactions that have taken place over the last 12 to 24 months. So

all that attractive when you look at some of the other transactions that have taken place over the last 12 to 24 months so


We want our customers to feel like they can do just about anything, whether it's opening an account, uploading documents using device's camera

we want our customers to feel like they can do just about anything whether it's opening an account uploading documents using the device's camera


I'm much more comfortable putting those very ill patients on the higher-dose levels because we think we'll see efficacy at those levels.

i'm much more comfortable putting those very ill patients on the higher dose levels because we think we'll see efficacy at those levels


we are restating our 2015 targets on a core basis. We believe this gives the best visibility into the organic changes in our targets.

we are restating our 2015 targets on a core basis we believe this gives the best visibility into the organic changes in our targets


However, late in the third quarter customer behavior grew more cautious across the board and we saw some of the channel inventory adjustments I just referred to.

however late in the third quarter customer behavior grew more cautious across the board and we saw some of the channel inventory adjustments i just referred to


We do everything we can in our marketing efforts to facilitate the pull through there as well, but it really is driven by the economics

we do everything we can in our marketing efforts to facilitate the pull-through there as well but it really is driven by the economics


The increase was primarily due to an increase in compensation, legal and other expenses, supporting operational growth. For

the increase was primarily due to an increase in compensation legal and other expenses supporting operational growth


the ability to manage money flexibly and efficiently at that scale, but the goal is to build scale across franchises.

the ability to manage money flexibly and efficiently at that scale but the goal is to build scale across franchises


The other category mainly includes costs associated with RINs, outgoing freight, product differentials and inventory impacts.

the other category mainly includes costs associated with rins outgoing freight product differentials and inventory impacts


It is worth pointing out that our voyages are generally 40 to 60 days in duration and are fixed 2 to 4 weeks in advance.

it is worth pointing out that our voyages are generally 40 to 60 days in duration and are fixed 2 to 4 weeks in advance


to participate in growth in China, you may have to have local presence, especially when it comes to manufacturing?

to participate in the growth in china you may have to have local presence especially when it comes to manufacturing


I am pleased to report that our construction services business experienced exceptional earnings growth in the second quarter compared to a year ago,

i am pleased to report that our construction services business experienced exceptional earnings growth in the second quarter compared to a year ago


how that has changed. I know you've been doing a lot of those feed studies, or some of them for some time. I mean, have you seen

how that has changed i know you've been doing a lot of those feed studies or some of them for some time i mean have you seen


We have successfully repositioned ourselves from a coal car producer to a diversified railcar manufacturer,

we have successfully repositioned ourselves from a coal car producer to a diversified railcar manufacturer


that are requiring us to go through a negotiation process that is taking much longer because the majority of these credits are in Brazil.

that are requiring us to go through a negotiation process that is taking much longer because the majority of these credits are in brazil


to become more credible in alternative asset management for a fund that can


we are seeing some improved demand in our core markets, but I'd say most of it is coming a little bit East from Aurora.

we are seeing some improved demand in our core markets but i'd say most of it is coming a little bit east from aurora


I think that the pass is becoming more and more of value opportunity for people as they have more and more choices in terms of where to go. So the

i think that the past is becoming more and more of a value opportunity for people as they have more and more choices in terms of where to go so


we would have done everything we could to at least hold the margins that we realized this year. Obviously, our margins this year were much higher than what we

we would have done everything we could to at least hold the margins that we realized this year obviously our margins this year were much higher than what we


I believe we have the contractual framework and the contract base to start demonstrating to you and the rest of the investment community

i believe we have the contractual framework and the contract base to start demonstrating to you and the rest of the investment community


We will follow with a review on the second quarter results of the year to continue to a more detailed look of the results.

we will follow with the review on the second quarter results of the year to continue to a more detailed look of the results


Based on this positive cash flow before investment receivables, our actual cash used in the quarter was entirely related to our investment in our loan book.

based on this positive cash flow before investment receivables our actual cash used in the quarter was entirely related to our investment in our loan book


Overall, I'm pleased with our solid results in the quarter and believe we're on track to meet our full year financial objectives.

overall i'm pleased with our solid results in the quarter and believe we're on track to meet our full year financial objectives


really wanted to talk about what excites me about our business and why I'm confident in our growth momentum moving forward.

really wanted to talk about what excites me about our business and why i'm confident in our growth momentum moving forward


Also, this year, our development completions were significantly lower in the same period last year, and you can see that on the slide in front of you.

also this year our development completions were significantly lower than the same period last year and you can see that on the slide in front of you


over a longer period in that regard? And then the second sort of related question is, just in the longer term, I know over the next quarter or two,

over a longer period in that regard and then the second sort of related question is just in the longer term i know over the next quarter or two


And we will provide our initial perspective on, and plans for, the Pinnacle business. There's a lot to cover. So let's jump right in.

and we will provide our initial perspective on and plans for the pinnacle business there's a lot to cover so let's jump right in


it's going to take a little bit of time to see that actually show up in our overall corporate results, but it's a very exciting time for them right now.

it's going to take a little bit of time to see that actually show up in our overall corporate results but it's a very exciting time for them right now


I think those 2 markets are comparatively larger for Berkeley Point than they are for Newmark taken as a whole

i think those 2 markets are comparatively larger for brooklyntown than they are for newark taken as a whole


share gains in the first quarter. We've held steady here and we believe that we will see future share gains there. So I mean, I'd like to have the same

share gains in the first quarter we've held steady here and we believe that we will see future share gains there so i mean i'd like to have the same


large increase was in May of 2015. But any additional increases in 2016 will depend on the rate increases

large increase was in may of 2015 but any additional increases in 2016 will depend on the rate increases


on the equipment that we provide. So I mean, this is nothing new for us. We have -- we've already made significant investments into this. We are quite competitive

of the equipment that we provide so i mean this is nothing new for us we have -- we have already made significant investments into this we are quite competitive


that were in there, and they would have been at probably the higher return and now we have more the distribution projects, which are probably a little bit lower.

that were in there and they would have been at probably the higher return and now we have more of the distribution projects which are probably a little bit lower


At PHI, we are encouraged by the process we're making. Although some of this success has been helped by good weather

at phi we are encouraged by the process we're making although some of this success has been helped by good weather


plenty of people out there that are refinancing every chance they get. And there's a version of that in the private markets.

plenty of people out there that are refinancing every chance they get and there's a version of that in the private markets


For those who accept the offer, there will be a payout in December of 2015, which will be made out of existing plan assets.

for those who accept the offer there will be a payout in december of 2015 which will be made out of existing plan assets


I say all that because we expect to return to more normal profitability and growth moving forward. And I think you'd see that

i say all that because we expect to return to more normal profitability and growth moving forward and i think you'd see that


are expected to offset the declines in video game products sales, and operating earnings are forecasted to be flattish for the quarter.

are expected to offset the declines in video game product sales and operating earnings are forecasted to be flattish for the quarter


do you think that is a strategy with the markets more willing to pay up right now for the order book, as opposed to the operations of the leasing? What's your view on that?

do you think that is a strategy with the markets more willing to pay up right now for the order book as opposed to the operations of the leasing what's your view on that


will be considered forward-looking and as such will be subject to risks and uncertainties that could materially affect the company's expected results,


being flat to a little bit down for the balance of the year. When do you guys think it's likely to inflect and begin to track up as you look forward?

being flat to a little bit down for the balance of the year when do you guys think it's likely to inflect and begin to track up as you look forward


We have identified several noncore potential divestiture candidates and are actively pursuing options for each of those today.

we have identified several non-core potential divestiture candidates and are actively pursuing options for each of those today


There are considerable number of Northern Canadian opportunities on our radar screen, driven by our unique partnerships and our long history of working in the North.

there are a considerable number of northern canadian opportunities on our radar screen driven by our unique partnerships and our long history of working in the north


and several smaller residential projects. 2016 revenues were associated with a few small residential projects generated by the acquisition

and several smaller residential projects 2016 revenues were associated with a few small residential projects generated by the acquisition


and bring in concepts that are relevant to the communities we serve. Expect to see this follow-on growth continue this year and beyond.

and bring in concepts that are relevant to the communities we serve expect to see this follow-on growth continue this year and beyond


On a sequential quarter basis, recruiting and new life insurance licenses declined reflecting seasonally low activity levels in the fourth quarter.

on a sequential quarter basis recruiting and new life insurance licenses declined reflecting seasonally lower activity levels in the fourth quarter


We move forward with high conviction that we are well positioned to capitalize on a range of exciting opportunities to drive future growth.

we move forward with high conviction that we are well positioned to capitalize on a range of exciting opportunities to drive future growth


But you need to bear in mind that last year recurring was strong in Q4 because we had a few catch-ups

but you need to bear in mind that last year recurring was strong in q4 because we had a few catch-ups


So while we had already planned to invest in our business this year, the recent tax reform presents a compelling opportunity

so while we had already planned to invest in our business this year the recent tax reform presents a compelling opportunity


in the quarter, it would seem like there would be pent-up demand for the fourth quarter and that they will be looking to buy more product.

in the quarter it would seem like there would be a pent-up demand for the fourth quarter and that they would be looking to buy more product


we will have established a better-optimized, flexible capital structure and a strong banking group that should serve our needs well moving forward.

we will have established a better optimized flexible capital structure and a strong banking group that should serve our needs well moving forward


low value. I mean, these are -- there are going to be very high-value programs in the context of some very focused efforts on the part of our partners with

low value i mean these are -- these are going to be very high-value programs in the context of some very focused efforts on the part of our partners with


the more engaged the customer base, the more data you have, the easier that is to do. So that's the journey we're on. We've got an amazing set of tools with

the more engaged the customer base the more data you have the easier that is to do so that's the journey we're on we've got an amazing set of tools with


This visibility promotes root cause investigation and corrective actions, as well as best practice sharing between all entities and locations.

this visibility promotes root cause investigation and corrective actions as well as best practice sharing between all entities and locations


And as always, we will continue to focus on sales growth and manufacturing cost efficiency benefits from our investments across the platform.

and as always we will continue to focus on sales growth and manufacturing cost efficiency benefits from our investments across the platform


the best thing that we can do is just simply continue to really put forward the strength of our own products.


kind of what's happening in the revenue growth numbers and in the noise. But in the PEO, the most important thing for us in the PEO is profit per employee,

kind of what's happening in the revenue growth numbers and in the noise but in the peo the most important thing for us in the peo is profit per employee


outer years. So what that means is we finished '18 a little bit ahead of our own expectation, so we have really terrific momentum going on.

outer years so what that means is we finished '18 a little bit ahead of our own expectations so we have really terrific momentum going on


And then can you talk at all about the tenant watch list in terms of credit? Like have you seen any change in that over prior quarters?

and then can you talk at all about a tenant watch list in terms of credit like have you seen any change in that over prior quarters


focused on strategic investment and capacity expansion, geographic expansion, increased efficiencies as well as new process and product development.

focused on strategic investments and capacity expansion geographic expansion increased efficiencies as well as new process and product development


As we told you on our Q2 earnings call, we took the next step in the verticalization of our direct channel

as we told you on our q2 earnings call we took the next step in the verticalization of our direct channel


compared with last year, despite the additional cost incurred related to the spinoff and the incremental cost to be incurred going forward as a stand-alone.

compare with last year despite the additional costs incurred related to the spin-off and the incremental cost to be incurred going forward as a stand-alone


and we will continue to ensure that we set challenging targets and then provide the right environment for our operators to meet them.


All of these business pillars support our central objective of improving cash flow and returns on a sustainable basis.

all of these business pillars support our central objective of improving cash flow and returns on a sustainable basis


it's a '19 issue. I think it's a good issue to have. We can manage it, and we could actually push more into '20 if we wanted to.

it's a 19 issue i think it's a good issue to have we can manage it and we could actually push more into 20 if we wanted to


Because of the culmination of these and other commitments around continuous improvement at PolyOne, we recently achieved certification

because of the culmination of these and other commitments around continuous improvement at polyone we recently achieved certification


So let me answer a little bit the question on the net working capital. So the net working capital, first of all, we see

so let me answer a little bit the question on the net working capital so the net working capital first of all we see


But we've always said that we're about growth, as I mentioned in my remarks. And if we think there is an opportunity to put capital to work,

but we've always said that we're about growth as i mentioned in my remarks and if we think there is an opportunity to put capital to work


I think airline capacity is actually growing, and it will be higher this year than it was last year. So not to be confused with

i think airline capacity is actually growing and it will be higher this year than it was last year so not to be confused with


canopy tours I think that exist certainly anywhere in the Mountain. And so we're confident that, that will drive its own profitability and more visitation.

canopy tours i think that exists certainly anywhere in the mountains and so we're confident that that will drive its own profitability and more visitation


However, not yet seen an improvement in the market and we expect MOCVD investments to remain soft

however not yet seen an improvement in the market and we expect mocvd investments to remain soft


And part of that is due to some of the marketing and operating -- particularly marketing efficiency issues we've been talking about the last 6 to 9 months.

and part of that is due to some of the marketing and operating -- particularly marketing efficiency issues we've been talking about the last 6 to 9 months


increases of rates do not necessarily reflect a declining premium on a government guaranteed floating rate instrument.


We've gotten a little bit bigger this year into Pennsylvania. We have a few more utility areas that we'll be looking into

we've gotten a little bit bigger this year into pennsylvania we have a few more utility areas that we'll be looking into


In fact, with the steps we took last year, we are in an even better positioned to take advantage of a return to more seasonable weather.

in fact with the steps we took last year we are in an even better position to take advantage of a return to more seasonable weather


In total, the actions that have already undertaken in the last 6 months are expected to improve our PBIT performance

in total the actions that we have already undertaken in the last 6 months are expected to improve our pbit performance


I'll conclude today's prepared comments by providing an update on key business developments related to our long-term secular growth drivers

i'll conclude today's prepared comments by providing an update on key business developments related to our long-term secular growth drivers


regarding what we have communicated in the summer to you in terms of the midterm margin development. We are fully on track,

regarding what we have communicated in summer to you in terms of the midterm margin development we are fully on track


If there's an opportunity to obviously enhance the breadth and depth of our programs, the degree levels as well as the programmatic offerings,

if there's an opportunity to obviously enhance the breadth and depth of our programs the degree levels as well as the programmatic offerings


which are still primarily driven by our underlying operating performance and the number of revenue earning days during the quarter.


that you're really looking at your cash generation as opposed to GAAP earnings. So is it fair to say that your cash generation

that you're really looking at your cash generation as opposed to gaap earnings so is it fair to say that your cash generation


so I just want to make sure I fully understand it. So obviously, sales force productivity driving incremental subscriptions and then obviously the continued

so i just want to make sure i fully understand it so obviously sales force productivity driving incremental subscriptions and then obviously the continued


We took on a 10-year take-or-pay agreement for a new supply connection and terminal in the Central Kansas Uplift

we took on a 10-year take-or-pay agreement for a new supply connection in terminal in the central kansas uplift


Now that's business travel as well as leisure travel, but you're seeing that the Chinese are participating in the high-end of the market

now that's business travel as well as leisure travel but you're seeing that the chinese are participating in the high end of the market


And if we talk about index, you can't necessarily pierce through what it is we're saying to have your own source of data for it.

and if we talk about index you can't necessarily pierce through what it is we're saying to have your own source of data for it


This is where we are to date. We feel we're on track for full year expectations. And for those of you who are available,

this is where we are to date we feel we're on track for full year expectations and for those of you who are available


for a very long time because of the half-life of the drug, and it would be pretty unlikely to require a second dose of the drug to treat a single attack.

for a very long time because of the half-life of the drug and it would be pretty unlikely to require a second dose of the drug to treat a single attack


And finally, our discovery programs are progressing to where we could start to see them refill our pipeline and create sustainable value.

and finally our discovery programs are progressing to where we could start to see them refill our pipeline and create sustainable value


reconciling and matching payments, resolving exceptions and then posting payments to keep receivables current.

reconciling and matching payments resolving exceptions and then posting payments to keep receivables current


This allows our customers to keep their pharmaceutical supply chain under their own control.

this allows our customers to keep their pharmaceutical supply chain under their own control


Yes. So I think you're actually touching on something that's important here. If you look at the way that's evolved in the manufacturing space,

yes so i think you're actually touching on something that's important here if you look at the way this evolves in the manufacturing space


I wanted to provide an update on a decision that ITC received from FERC on ROE matters just after our New York Investor Day.

i wanted to provide an update on a decision that itc received from ferc on roe matters just after our new york investor day


Now I'll turn things over to Cliff to discuss some of the operational highlights for the quarter and address how they impacted LMI's financial results.

now i'll turn things over to cliff to discuss some of the operational highlights for the quarter and address how they impacted lmi's financial results


This doesn't mean there is no opportunity. This just means that the challenge is greater.

this doesn't mean there is no opportunity this just means that the challenge is greater


I'm just wondering, are there any other proactive strategic options still left on the table worth looking at?

just wondering are there any other proactive strategic options still left on the table worth looking at


in which truck drivers can receive their payroll while on the road and then use it like a prepaid card within the MasterCard network.

in which truck drivers can receive their payroll while on the road and then use it like a prepaid card within the mastercard network


In addition, we were profitable in the first quarter, and considering the outlook we have for the remainder of the year, we do expect to be profitable for the full year.

in addition we were profitable in the first quarter and considering the outlook we have for the remainder of the year we do expect to be profitable for the full year


There's quite some application for these units. But as I've said in the report there, a number of our competitors in the last few months have come to market

there's quite some applications for these units but as i've said in the report there a number of our competitors in the last few months have come to market


I would now like to turn the call over to Paul. Thank you, Steve. Good morning, and thank you for joining us for today's call.

i would now like to turn the call over to steve so thank you steve good morning and thank you for joining us for today's call


include this in the capitation model, which means that what you gain from it

include this in the capitation model which means that what you gain from it


This is not in full force yet, but that's a development that is going on right now and our plan is that we

this is not in full force yet but that's a development that is going on right now and our plan is that we


The year-over-year and sequential increases in product margins were due to favorable manufacturing capacity utilization and product mix,

the year-over-year and sequential increases in product margins were due to favorable manufacturing capacity utilization and product mix


And that creates a virtuous cycle, that combined with these software releases in which we have better utilization of the system, faster utilization of the system,

and that creates a virtuous cycle that combined with new software releases in which we have better utilization of the system faster utilization of the system


This was primarily due to the positive impact of pension accounting treatment, which more than offset the negative impact of ForEx effects.

this was primarily due to the positive impact of pension accounting treatment which more than offset the negative impact of forex effects


since it's not contributing, the -- your whole guide is still trending downwards. I get the revenue guide,

since it's not contributing that your whole guide is still trending downwards i get the revenue guide


in the second quarter of last year, which is also part of the reason why we believe that the current guidance is appropriate and also realistic.

in the second quarter of last year which is also part of the reason why we believe that the current guidance is appropriate and also realistic


The challenge will be to execute strategies that can deliver more for less by staying focused, developing talent

the challenge will be to execute strategies that can deliver more for less by staying focused developing talent


The nonoperating results were primarily due to unrealized gains and losses on our seed investments.

non-operating results were primarily due to unrealized gains and losses on our seed investments


As Gary mentioned, our construction team continued to do an outstanding job delivering capacity to support our sales team,

as gary mentioned our construction team continues to do an outstanding job delivering capacity to support our sales team


But I think we do feel well prepared for it. We've got a great pipeline of innovations that we think is very relevant for the future.

but i think we do feel well prepared for it we've got a great pipeline of innovation that we think is very relevant for the future


Therefore, repurchasing the company's shares now represents an excellent investment opportunity for both the company and our shareholders.

therefore repurchasing the company's shares now represents an excellent investment opportunity for both the company and our shareholders


why we still have very high cash CapEx, not that we aren't continuing to invest. We are. We're still expanding our fiber footprint but at a lower pace than we were.

why we still have very high cash capex not that we aren't continuing to invest we are we're still expanding our fiber footprint but at a lower pace than we were


We built a much more complete framework and in doing so, we feel like we shifted the conversation towards NextGen being a trusted adviser to our clients.

we built a much more complete framework and in doing so we feel like we shifted the conversation towards nextgen being a trusted adviser to our clients


the August shutdown in Q3 and then we'll see where we are in terms of meeting our channel inventory objectives for the year.

the august shutdown in q3 and then we'll see where we are in terms of meeting our channel inventory objectives for the year


We are increasingly positive about the potential of this area to deliver incremental oil production into our portfolio.

we are increasingly positive about the potential of this area to deliver incremental oil production into our portfolio


We are currently in the process of our fall borrowing base redetermination and will update everyone when that has been completed.

we are currently in the process of our fall borrowing base redetermination and will update everyone when that has been completed


This slide introduces our main wellness products, which we consider a key growth domain.

this slide introduces our main wellness products which we consider a key growth domain


which negatively impacted adjusted EBITDA. Some of these are related to the significant ramping of traffic that we've experienced and some are not related to that.

which negatively impacted adjusted ebitda some of these are related to the significant ramping of traffic that we've experienced and some are not related to that


many investment has been postponed in the French water. And now a lot of

many investment has been postponed in the french water and now a lot of


could we expect to see some changes in your number of AOCs, and perhaps a better fleet utilization?

could we expect to see some changes in your number of aocs and perhaps a better fleet utilization


On the supply of tankers. Tanker fleet growth is expected to fall this year and next on lower deliveries and higher scrapping.

on the supply of tankers tanker fleet growth is expected to fall this year and next on lower deliveries and higher scrapping


which generally stated, will help us respond to constantly changing customer demand by deploying the least cost available resource to balance load.

which generally stated will help us respond to constantly changing customer demand by deploying the least cost available resource to balance load


Across our markets in the Americas, we are also encouraged by an increasing pipeline of projects utilizing alternative delivery models.

across our markets in the americas we are also encouraged by an increasing pipeline of projects utilizing alternative delivery models


We are on track to exceed our original auto rate plan by a point or so and are looking for opportunities to accelerate rate actions.

we are on track to exceed our original auto rate plan by a point or so and are looking for opportunities to accelerate rate actions


are very wide and all-pervasive. And we keep including all the new technologies that are coming into place within the organization,

are very wide and all pervasive and they keep including all the new technologies that are coming into place within the organization


that is a reflection of some of these challenges that we have now in most places in the world that we, in our competitive set, need to deal with.

that is a reflection of some of these challenges that we have now in most places in the world that we and our competitive set need to deal with


There are over 75 qualified opportunities currently being worked on by sales, more than half of which could close in the next 1 to 2 quarters,

there are over 75 qualified opportunities currently being worked on by sales more than half of which could close in the next 1 to 2 quarters


And that actually adds value for the supplier as well because it actually gathers then email addresses for the customers they don't have email addresses on file for.

and that actually adds value for the supplier as well because it actually gathers any email addresses for their customers they don't have email addresses on file for


We have been pleased with the favorable response to this initiative and see an opportunity to further expand our assortment by offering additional third-party brands.

we have been pleased with the favorable response to this initiative and see an opportunity to further expand our assortment by offering additional third-party brands


let's say that for the light users maybe you provide more returns through bold reductions in rates for light users.


We still have a large balance of old debtors to be collected. We still have some supplies that we tend to pay a little earlier than the terms

we still have a large balance of old debtors to be collected we still have some supplies that we tend to pay a little earlier than the terms


and modification activity generated considerable taxable income in excess of our book income.


based on the growth -- on the known growth that we have at the MLPs. However, we -- when we talk about changing

based on the growth -- on the known growth that we have at the mlps however when we talk about changing


Yet over the long term, the focus we put on the quality of our coffee, the passion of our partners, beautiful third place environments

yet over the long term the focus would put on the quality of our coffee the passion of our partners beautiful third place environments


So far, the impact of the latter 2 is being negligible, and we are optimistic that the formal will yield margin relief in the second half.

so far the impact of the latter 2 has been negligible and we are optimistic that the former will yield margin relief in the second half


we expect that maize, juice and cereals will sustain an improved performance off a sound base established in the first half of the year.

we expect that maize juice and cereals will sustain an improved performance of the sound base established in the first half of the year


As a result, we do not anticipate a significant margin effect moving ahead on this project. With regards to the pellet plant revenues for this year,

as a result we do not anticipate significant margin effect moving ahead on this project with regards to pellet plant revenues for this year


Instead of the phase where you acquire assets from overseas, you're looking for opportunities in Japan, including alliance.

instead of the phase where you acquire assets from overseas you're looking for opportunities in japan including alliance


Before I turn the call over to Brett, I'd like to tell you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act.

before i turn the call over to brett i'd like to tell you that certain of our comments are forward-looking statements as defined by the private securities litigation reform act


We are positioning this hotel to be among the top luxury hotels in Chicago and are building awareness, which takes time.

we are positioning this hotel to be among the top luxury hotels in chicago and are building awareness which takes time


something deeper there. So that's the most important part about that. That news is -- the relationship is sound. They're moving forward.

something deeper there so that's the most important part about that that news is the relationship is sound they're moving forward


It's probably premature to make those calls right now. Again, the rule is brand-new. We really won't see the full impact of it

it's probably premature to make those calls right now again the rule is brand new we really won't see the full impact of it


As more of these transactions close throughout the fourth quarter, we'll have a better assessment on the overall impact of the new disclosure rule.

as more of these transactions close throughout the fourth quarter we'll have a better assessment on the overall impact of the new disclosure rule


And I think as a combination of those 2 events, we will get further confidence in the product, and I believe that's going to drive

and i think as a combination of those 2 events we will get further confidence in the product and i believe that's going to drive


Alaska logistics and wholesale marketing distribution acquisition and from the recently closed acquisition of Great Northern Midstream.

alaska logistics and wholesale marketing distribution acquisition and from the recently closed acquisition of great northern midstream


from our facilities out into our -- the market areas that we attract. So we -- that's part of our overall integrated business. But

from our facilities out into our -- the market areas that we attract so we -- that's part of our overall integrated business but


Our producer customers have indicated a strong ongoing need to have the capacity in place and available for their use

our producer customers have indicated a strong ongoing need to have the capacity in place and available for their use


resulting in the associated move from our OE customers to seize that opportunity for efficiency, including inventory rationalization.

resulting in the associated move from our oe customers to seize that opportunity for efficiency including inventory rationalization


We believe that this change will help local and regional management teams focus on their proper levers to increase value.

we believe that this change will help local and regional management teams focus on the proper levers to increase value


As a result, market share steadily improved with half of our chocolate revenue gaining or holding share for the full year.

as a result market share steadily improved with half of our chocolate revenue gaining or holding share for the full year


and we've got a good innovation pipeline. So I think we're well staged to continue to drive growth in this geography.

and we've got a good innovation pipeline so i think we're well staged to continue to drive growth in this geography


But we're improving every day, we're getting better every day, we're correcting a lot of mistakes of the past and et cetera, et cetera.

but we're improving every day we're getting better every day we're correcting a lot of mistakes of the past and et cetera et cetera


Recall that patients were eligible to be enrolled in Part C based on their blood pressure response in part A, not on the severity of their dizziness.

recall that patients were eligible to be enrolled in part c based on their blood pressure response in part a not on the severity of their dizziness


This year there were a couple of things going on which we've talked about. Also I think is unusual and so far as orders growth far outpaced sales growth,

this year there were a couple of things going on which we've talked about also i think it's unusual in sofi as orders growth far outpaced sales growth


These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared

these non-gaap financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared


Overall, we remain well capitalized and our focus on our strategic objectives enable us to

overall we remain well capitalized and our focus on our strategic objectives enable us to


what was once a horribly inefficient industry to one that is now investing for the long term in its people and its airports.


During those initial 5 years, Main Street consistently generated substantial but variable realized gains from exited equity investments.

during those initial 5 years main street consistently generated substantial but variable realized gains from exited equity investments


The practice was retained to support a criminal investigation into allegations of financial fraud and misrepresentation,

the practice was retained to support a criminal investigation into allegations of financial fraud and misrepresentation


there are issues between the promoters, which is for them to resolve. As far as Tata Steel is concerned, both have come out publicly to say that they support the transaction.

there are issues between the promoters which is for them to resolve as far as tata steel is concerned both have come out publicly to say that they support the transaction


We further caution you that the company does not obligate or commit itself by providing this guidance to update predictions.

we further caution you that the company does not obligate or commit itself by providing this guidance to update predictions


This higher level starting point multiplies the productivity of these design teams and helps bring the industrial IoT to life faster.

this higher-level starting point multiplies the productivity of these design teams and helps bring the industrial iot to life faster


Prior to the launch, the ratings were approximately 40% on legacy video players for the same article placement.

prior to the launch the ratings were approximately 40% on legacy video players for the same article placement


and as we benefit from the recovery in ETI and growth of our rest of African operations following the investments that we have made.

and as we benefit from the recovery in eti and growth of our rest of african operations following the investments that we have made


which will have multiple benefits to the company on the acquisition front as well as in expanding the investor audience for the stock,


That now concludes the formal part of the presentation. I will now open the meeting up to questions, alternating between questions on the floor here in Sydney

that now concludes the formal part of the presentation i'll now open the meeting up to questions alternating between questions on the ploy here in sydney


particularly with big spaces, painters and homeowners would like to get as flat finish as possible so you don't see any imperfections on the wall.

particularly with big brawl ball spaces painters and homeowners would like to get as flat finish as possible so you don't see any imperfections on the wall


Shortly after the quarter closed, we were also able to place new forward contracts to hedge our future exposure to the euro and British pound.

shortly after the quarter closed we were also able to place new forward contracts to hedge our future exposure to the euro and british pound


On Slide 10, you can see the credit performance continues to hold steady, considering the prevailing market conditions.

on slide 10 you can see the credit performance continues to hold steady considering the prevailing market conditions


Unfair practices likely to cause substantial injury to consumers. The nature of the unfair practices in this instance

unfair practices likely to cause substantial injury to consumers the nature of the unfair practices in this instance


some correction factors now. And we obviously do the correction internally because we have our own data, that we know

some correction factors now and we obviously do the correction internally because we have our own data that we know


We are very pleased with our results this quarter, which further illustrates our internal growth strategies are working.

we are very pleased with our results this quarter which further illustrates our internal growth strategies are working


Or is this you'd like to see what you have and then determine if you want to take the next step about further consolidating?

or is this -- you'd like to see what you have and then determine if you want to take the next step about further consolidating


second quarter trends you might be seeing in terms of the marketing efficiency and customer acquisition trends? And then there

second quarter trends you might be seeing in terms of the marketing efficiency and customer acquisition trends and then


However, significant work needs to be done as the fixed nature of these contracts become increasingly burdensome with the reduced development.

however significant work needs to be done as the fixed nature of these contracts become increasingly burdensome with the reduced development


We take each one of them individually. We love it when we can start with their data and understand their unique challenges. I mean, for an example, I saw a prospect deck yesterday,

we take each one of them individually we love it when we can start with their data and understand their unique challenges i mean for an example i saw a prospect deck yesterday


But it also means that the maturation of the supply chain and for companies to work just harder on making sure we are all competing

but it also means that the maturation of the supply chain and for companies to work just harder on making sure we're all competing


Earlier this morning, we released the results for our first quarter of the fiscal 2017 year, and I hope you had a chance to review them.

earlier this morning we released the results for our first quarter of the fiscal 2017 year and i hope you've had a chance to review them


The reality is that reductions in size are somewhat uncommon because it's very expensive for the retailer.

the reality is that reductions in size are somewhat uncommon because it's very expensive for the retailer


We have improved the assortment. We have reduced the whole portfolio that was much too big.

we have improved the assortment we have reduced the whole portfolio that was much too big


we couldn't raise prices. We were more or less flat in price, and our growth came mainly from volume.

we couldn't rise prices we were more or less flat in price and our growth came mainly from volume


Reconciliation between the 2 can be found in the company's presentation today, which is available on its website.

reconciliation between the 2 can be found in the company's presentation today which is available on its website


how those exposures impacted our 2015 results and what sort of actions we are taking to help mitigate these risks today and in the future.


This was, however, amplified by a softer comparator and the start of improving conditions in some emerging markets.

this was however amplified by a softer comparator and the start of improving conditions in some emerging markets


Our customer focus is reflected in part by our ability to continue to capture significant opportunities in today's competitive marketplace.

our customer focus is reflected in part by our ability to continue to capture significant opportunities in today's competitive marketplace


One of the things I'm most proud of is the way NAPCO has been able to remain at the forefront of innovation in the industry

one of the things i'm most proud of is the way napco has been able to remain at the forefront of innovation in the industry


but its early time production had been hampered by that obstruction, so we've included it from the Sable pad metrics in the table, given its mechanical constraints.

but its early time production had been hampered by that obstruction so we've included it from the sable pad metrics in the table given its mechanical constraints


maybe 4 weeks or 1 month minimum or maybe 12 months depending on the contract we agree upon with the customer.

maybe 4 weeks so 1 month minimum or maybe 12 months depending on the contract we agree upon with the customer


We also see entering into FEED on the Pikka unit development. Alaska as being a fundamental for end of the first half this year.

we also see entering into feed on the pika unit development in alaska as being a fundamental for end of the first half this year


All of that is reversible, but that's the kind of thing that, as you can see in the data, has really kind of emerged as we've gone through the course of this summer.

all of that is reversible but that's the kind of thing that as you can see in the data has really kind of emerged as we've gone through the course of this summer


because of a relatively negative speech from the French government and from the French President

because of relatively negative speech from the french government and from the french president


thrust upon our industry at short notice and with limited consultation. I will briefly focus on some of those areas.

thrust upon our industry at short notice and with limited consultation i will briefly focus on some of those areas


But essentially, what we're doing is funding ongoing investments in our business with running our business smarter and more efficiently.

but essentially what we're doing is funding ongoing investments in our business with running our business smarter and more efficiently


the amount of visibility you have into the second half, based on the leases that have already been signed and kind of what you already

the amount of visibility you have into the second half based on the leases that have already been signed and kind of what you already


resulting from lower inventory rentals as well as lower dollar utilization of our designated rental fleet in our Construction segment,

resulting from lower inventory rentals as well as lower dollar utilization of our designated rental fleet in our construction segment


and growth in the office construction is also beginning to moderate somewhat. Large industrial project activity continues to be weak.

and growth in the office construction is also beginning to moderate somewhat large industrial project activity continues to be weak


What percentage of your customers are utilizing more than one of your services? More than 2? Can you quantify the cross-selling opportunity you have?

what percentage of your customers are utilizing more than 1 of your services more than 2 can you quantify the cross-selling opportunity you have


This underscores our premise that the SBC market is earlier in the credit cycle and more correlated to the strong housing market.

this underscores our premise that the sbc market is earlier in the credit cycle and more correlated to the strong housing market


This quarter seemed to show a little softer growth in developed markets actually, I had expected a little bit of pressure on Brazil and some of those markets, and you've certainly cited those.

this quarter seemed to show a little softer growth in developed markets actually i had expected a little bit of pressure in brazil and some of those markets and you certainly cited those


consumer demand was down and categories have been down. So we do see some signs of stabilization as we look through the second half of the year.

consumer demand was down and categories have been down so we do see some signs of stabilization as we look through the second half of the year


Well, I will already now apologize a little bit because my -- I'm standing here with a bit of a flu.

well i will already now apologize a little bit because i'm standing here with a bit of a flu


I don't think the worldwide economic growth will be what a lot of Fed officials think it will be because that yield curve is telling me -- because it's so flat,

i don't think the worldwide economic growth will be what a lot of fed officials think it will be because that yield curve is telling me because it's so flat


In the life, pensions and investment space, market volatility has impacted new business flows over the past 6 months.

in the life pensions and investment space market volatility has impacted new business flows over the past 6 months


Other than that, we really didn't see it and we haven't really -- it's not been one of those things we've ever felt had a big impact on our business one way or the other.

but other than that we really didn't see it and we haven't really -- it's not been one of those things we've ever felt had a big impact on our business one way or the other


And I would say it's different in different places. In the Oklahoma set of contracts

and i would say it's different in different places in the oklahoma set of contracts


meaning they've only been hired in the last year and haven't hit their stride yet. So we expect that pipeline to keep growing.

meaning they've only been hired in the last year and haven't hit their stride yet so we expect that pipeline to keep growing


for truckload conversion. It's also a part of our overall strategy of focusing on specific clients

for truckload conversion it's also a part of our overall strategy of focusing on specific clients


what you think a proper set of disclosures would look like or a better way to kind of communicate to the market how good of a business that is for you?


The end of the reverse auction and the quiet rule have led to more than a few new opportunities for Gray to acquire additional television stations.

the end of the reverse auction and the quiet rule have led to more than a few new opportunities for gray to acquire additional television stations


our build number is likely going to continue to drag a little bit in the first part of the year as we take back those Kmart boxes.

our build number is likely going to continue to drag a little bit in the first part of the year as we take back those kmart boxes


and what opportunities do we see there to reach the targets of 2017. This was presented in the strategic plan. And

and what opportunities do we see there to reach the targets of 2017 this was presented in the strategic plan and


along with our 10-K, which was filed yesterday with the SEC. A replay of this call will be archived on our website for a limited time.

along with our 10-k which was filed yesterday with the sec a replay of this call will be archived on our website for a limited time


when increasing prices to reflect raw mats increase. And in addition, we are overcoming or compensating or bringing at least

when increasing prices to reflect raw material increase and in addition we are overcoming or compensating or bringing at least


again, the primary responsibility of LOOP is to be an import facility, and that's extremely important for us in our refineries.

again the primary responsibility of loup is to be an import facility and that's extremely important for us in our refineries


and complete interior packages, bumper covers, hoods and trim for the automotive, specialty transportation and other industrial markets.

and complete interior packages bumper covers hoods and trim for the automotive specialty transportation and other industrial markets


In addition, our industrial sales team is well positioned to continue to penetrate the residential housing market, particularly given the rise in single-family starts.

in addition our industrial sales team is well positioned to continue to penetrate the residential housing market particularly given the rise in single-family starts


Third, technology companies should use equity awards to attract and retain talent.

third technology companies use equity awards to attract and retain talent


lower revenue stores with limited growth opportunities into newer stores and markets with more attractive demographics and growth prospects.

lower revenue stores with limited growth opportunities into newer stores in markets with more attractive demographics and growth prospects


For the members of our team who are listening on today's call, I want to congratulate you on another strong quarter and thank you for all that you do to contribute to our success.

for the members of our team who are listening on today's call i want to congratulate you on another strong quarter and thank you for all that you do to contribute to our success


are a combination of availability of some of these product and affordability of some of these product, that their cost

a combination of availability of some of these products and affordability of some of these products that their cost


In addition, we will use certain non-GAAP measures in our discussion, and we ask that you read through the sections of our press release that address the use of these items.

in addition we will use certain non-gaap measures in our discussions and we ask that you read through the sections of our press release that address the use of these items


it is true to say that between now and into June, into July, into September and into rest of the year,

it is true to say that between now and into june into july into september and into rest of the year


I confirm to you today that I am absolutely in the same mood about the rationale of this strategic deal.

i confirm to you today that i am absolutely in the same mood about the rationale of this strategic deal


just the number of text messages that are being delivered between operators that we actually handle. That volume is just going down a little bit.

just the number of text messages that are being delivered between operators that we actually handle that volume is just going down a little bit


Or do you think it'll follow along your typical seasonality where you have most of the procedures done in the fourth quarter?

or do you think it'll follow along your typical seasonality where you have most of the procedures done in the fourth quarter


I hope I can give you a direction that makes us sound positive. But it's a service that's hard to use, which we would like to make easier to use.

i hope i can give you a direction that makes stuff sound positive but it's a service that's hard to use which we would like to make easier to use


Regarding PayPay and the way users are increasing, what is the image of growth? So you -- 6 million

regarding paypay and the way users are increasing what is the image of growth so you 6 million


Okay. Andrea, you've got a couple of questions there. Let me see if I can answer each of them in turn, but let me start off with the outlook and answer the question

okay andre you've got a couple of questions there let me see if i can answer each of them in terms -- let me start off with the outlook and answer the question


looking very closely in order to extract much more and to grow in this area, extract more metals in this area and grow in these areas as well.

looking very closely in order to extract much more and to grow in this area extract more metals in this area and grow in these areas as well


that would be a big -- a priority of ours as well. And yes -- and as we said before, we continue to be very active and looking

that would be a big priority of ours as well and yes and as we said before we continue to be very active in looking


more resources and training more people who won't yet be revenue producing or revenue productive in anticipation of demand.

more resources and training more people who won't yet be revenue-producing or revenue-productive in anticipation of demand


we're going to be -- we're not going to be quick to make any decisions or changes in our policies


Third, we have invested in conducting extensive customer research to inform category strategy by market and by store

third we've invested in conducting extensive customer research to inform category strategy by market and by store


We have taken a similar approach to optimize our inventory. Based on a very deep and unprecedented view of what we need to grow,

we have taken a similar approach to optimize our inventory based on a very deep and unprecedented view of what we need to grow


technology that can bring all processing to real time, so back offices can get automated in a big way. But those

technology that can bring all processing to real time so back offices can get automated in a big way but those are


in anticipation of ingesting later this year all commercial properties that fall outside of our traditional coverage and metro boundaries,


and so it's quite hard to get your head around if you're not inside the company. It's also the business that's going through the most radical restructuring.

and so it's quite hard to get your head round if you're not inside the company it's also the business that's going through the most radical restructuring


can you just give us a little bit sort of broad outline around how to think about margins in each one of the segments and in the international segment, in particular?

can you just give us a little bit of a broad outline around how to think about margins in each one of the segments and in the international segment in particular


The financial flexibility that we have achieved since the IPO has recently enabled us to take the next step in shareholder value creation

the financial flexibility that we've achieved since the ipo has recently enabled us to take the next step in shareholder value creation


Mine operations were halted there and all fire suppression systems were inspected prior to restarting operations.

mine operations were halted there and all fire suppression systems were inspected prior to restarting operations


and also materials, cover different products. And the reason why we can manage it in a different way is that we have now

and also materials cover different products and the reason why we can manage it in a different way is that we have now


this business just can't support the internalization quite yet. I think you would have to have

this business just can't support the internalization quite yet i think you would have to have


The way we get there is through this evolution of our businesses and the focus of the resources on the attractive growth businesses, which you've seen us doing

the way we get there is through this evolution of our businesses and the focus of the resources on the attractive growth businesses which you've seen us doing


will provide continued financial flexibility to support our current and future opportunities in the housing and lifestyle markets.


for the service management sector and the largest ServiceNow-exclusive service management consulting firm

for the service management sector and the largest servicenow exclusive service management consulting firm


but the big difference there is UXC. That's why we bought UXC was we were going to gain a significant presence

but the big difference there is uxc that's why we bought uxc was we were going to gain a significant presence


I think it -- what I think it is a great opportunity for the financial markets, for the capital markets in Colombia because it really expands

i think it's -- what i think is a great opportunity for the financial markets -- for the capital markets in colombia because it really expands


things on top of a market that may be under pressure, but at its core and foundation, is an excellent market

things on top of a market that may be under pressure but at its core and foundation is an excellent market


I'm going to turn it over to Greg and then, I'll talk more about progress we're making on key initiatives in a few minutes. Greg?

i'm going to turn it over to greg and then i'll talk more about progress we're making on key initiatives in a few minutes greg


there were some new products, but they disappeared and did not succeed. Do you think that is a structural change?

there were some new products but they disappeared and did not succeed do you think that is a structural change


Considering our current product structure and the products in our pipelines, we have

considering our current product structure and the products in our pipelines we have


we will have to adjust because whether -- it will all depend on how the social contributions decrease


The online spending is increasing, and we see an extensive growth in the amount of parcels which are ordered by heavy users.

the online spending is increasing and we see an extensive growth in the amount of parcels which are ordered by heavy users


This was a kind of a conference call every shareholder waits for. And I say thank you for a couple of reasons. One,

this was a kind of a conference call every shareholder waits for and i say thank you for a couple of reasons one


One of the strongest formats in terms of adopting PC Plus is actually our superstore format, which is

one of the strongest formats in terms of adopting pc plus is actually our superstore format which is


directly in this market. I think we will see a large increase in the number of even off-line companies that will

directly in this market i think we will see a large increase in the number of even off-line companies that will


in this, about half of these patients by the middle of this year. And we think that's a very important point. That's a point where there is clear separation

in these -- about half of these patients by the middle of this year and we think that's a very important point that's a point where there is clear separation


This is consistent with our normal seasonal pattern of using cash in the first quarter to prepare for higher sales activity in the second quarter.

this is consistent with our normal seasonal pattern of using cash in the first quarter to prepare for higher sales activity in the second quarter


We do continue to build our Corporate Finance business, and we were successful in bringing in a number of high-profile new hires in the quarter.

we do continue to build our corporate finance business and we were successful in bringing in a number of high-profile new hires in the quarter


we are sure Brazil will play a key role in this evolution and the recovery we are beginning to experience is a proof of that.

we are sure brazil will play a key role in this evolution and the recovery we are beginning to experience is a proof of that


And if you look from an overall industry perspective, this pattern placement or alignment is a big challenge for customers.

and if you look from an overall industry perspective this pattern placement or alignment is a big challenge for customers


At the Investor Day, we quantified the size of our addressable markets and the significant opportunity available to us to penetrate these markets.

at the investor day we quantified the size of our addressable markets and the significant opportunity available to us to penetrate these markets


The volume point growth was again very broad based, including double-digit growth in 4 of our top 5 markets for the second quarter in a row.

the volume point growth was again very broad-based including double-digit growth in 4 of our top 5 markets for the second quarter in a row


in our data centers. We focused on low-resiliency solutions that enabled us to get even higher yields on some of the assets that we're deploying. We've done

in our data centers we focused on low resiliency solutions that enabled us to get even higher yields on some of the assets that we're deploying we've done


We'll continue to be disciplined toward managing the balance sheet while investing in growth opportunities to improve our overall portfolio.

we'll continue to be disciplined toward managing the balance sheet while investing in growth opportunities to improve our overall portfolio


We don't believe this has any implications in a multiple dose context, and it's certainly no

we don't believe this has any implications in a multiple dose context and certainly no


is whether the subsidies in the first quarter of next year are larger or smaller than the amortization that's going away.


I would honestly say to you that given the breadth of our platform today, it's sort of all over in the sense that there's no one specific

i mean i would honestly say to you that given the breadth of our platform today it's sort of all over in the sense that there's no one specific


There is likely to be some additional infill and satellite wells in the field and the operator is working hard with the joint venture

there is likely to be some additional infill and satellite wells in the field and the operator is working hard with the joint venture


In addition to our strong financial and operational performance, we continue to make good progress in rounding out the Marlin management team.

in addition to our strong financial and operational performance we continue to make good progress in rounding out the marlin management team


Given the strong customer demand for super-spec rigs, we have signed contracts to provide for the completion of 2 new APEX rigs.

given the strong customer demand for super spec rigs we have signed contracts that provide for the completion of 2 new apex rigs


you about the amount of donations that have grown quite strongly in Q1. Could you say a few words about your donations?

you about the amount of donations that have grown quite strongly in q1 could you say a few words about your donations


much better than the other microdisplay companies in terms of our technology in terms of brightness and contrast


over the last couple of years in terms of the replacement rate of those products. And how you would expect that to

over the last couple of years in terms of the replacement rate of those products and how you'd expect that to


Our second quarter non-GAAP operating income guidance reflects the full run rate of the headcount increases we've made in the first quarter

our second quarter non-gaap operating income guidance reflects the full run rate of the headcount increases we made in the first quarter


Further, both our customers and the company will benefit from the productive regulatory outcomes that were finalized in the second quarter.

further both our customers and the company will benefit from the productive regulatory outcomes that were finalized in the second quarter


I think your second question -- or part of the first question is actually more interesting, and I've made this point in the past as have others on calls. But

think your second question or part of the first question is actually more interesting and i've made this point in the past as have others on calls but


The fourth quarter was down from the unusually high utilization we saw in the same period last year

the fourth quarter was down from the unusually high utilization we saw in the same period last year


A large portion of our cash balance will be used for the Northwest acquisition, but by no means would this limit our ability or appetite

large portion of our cash balance will be used for the northwest acquisition but by no means would this limit our ability or appetite


We just -- we're not banking on it, to use the word banking in a different way. We're not banking on it right now, but it's -- there's some great upside with those opportunities.

we just -- we're not banking on it to use the word banking in a different way we're not banking on it right now but it's -- there's some great upside with those opportunities


Because you are expecting a decline in profits going forward, in which year will you hit the bottom? And

because you are expecting a decline in profits going forward in which year will you hit the bottom and


investment opportunities. Now let's turn to Slide 8 and discuss the second quarter's results by strategy.

investment opportunities now let's turn to slide 8 and discuss the second quarter's results by strategy


Our proposal to shareholders in this year's proxy for the authorization to issue preferred stock is an example of the variety of options we wish to have available.

our proposal to shareholders in this year's proxy for the authorization to issue preferred stock is an example of the variety of options we wish to have available


if you're talking about the new store growth. And when you look at our new stores, we track very closely how the new stores perform.

if you're talking about the new store growth and when you look at our new stores we track very closely how the new stores perform


We are -- our strategy is certainly right now we're designing and planning to execute on some very focused

we are -- our strategy is certainly right now we're designing and planning to execute on some very focused


The trading environment in which Essential Foods operates was characterized by deflationary dynamics across all product categories,

the trading environment in which essential foods operates was characterized by deflationary dynamics across all product categories


Strong volume recovery generated top line growth in core categories and translated into market share gains for some of our market leading brands.

strong volume recovery generated top line growth in core categories and translated into market share gains for some of our market-leading brands


in the earnings release. I know there's some disclosure in the EBITDA table. What additional color can you give on that? Or do we have to wait for the Q?

in the earnings release i know there's some disclosure in the ebitda table what additional color can you give on that or do we have to wait for the q


We will continue to develop and launch new sensors and devices to round out our offering and drive adoption and usage of the Axon platform applications.

we will continue to develop and launch new sensors and devices to round out our offering to drive adoption and usage of the axon platform applications


new equipment traditionally carries a lower margin through the early part of its life cycle due to the refining and the manufacturing process.

new equipment traditionally carries a lower margin through the early part of its life cycle due to the refining of the manufacturing process


I would like to say, for Japan, that we are trying to change the way we work across the company.

i would like to say for japan that we are trying to change the way we work across the company


And thirdly, quite importantly as well, currency movements impacted the revenue adversely as a result of the translation

and thirdly quite importantly as well currency movements impacted the revenue adversely as a result of the translation of


For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements,

for a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements


And our capacity expansion in Mexico is progressing nicely, which will be available to support both specialty and core

and our capacity expansion in mexico is progressing nicely which will be available to support both specialty and core


Our strategy generates income in a variety of ways, including fee income, investment income, dividend income and capital gains,

our strategy generates income in a variety of ways including fee income investment income dividend income and capital gains


is lower than the first quarter growth is not a surprise to us. I remember when we were discussing the first quarter results,

is lower than the first quarter growth is not a surprise to us i remember when we were discussing the first quarter results


And then the second thing is we're going to get to build out some products and services for our lender basis. But it will be more of a moderate growth over the next year or so.

and then the second thing is we're going to continue to build out some products and services for our lender bases but it will be more of a moderate growth over the next year or so


at least to see shorter time to revenue as our ability to deploy and successfully install that would materially improve.

at least to see shorter time to revenue because our ability to deploy and successfully install that would materially improve


So I don't like to whine about it. I would say that in the face of the -- some competitors, especially on the ethnic side

so i don't like to whine about it i would say that in the face of the -- some competitors especially on the ethnic side


Again, there are different -- I would rather not go and quantify the OEM numbers because there's very high sensitivity on

again there are different -- i would rather not go and quantify the oem numbers because there's very high sensitivity on


While we continue to invest in strategic programs where we can generate returns, our goal is to limit functional costs increases.

while we continue to invest in strategic programs where we can generate returns our goal is to limit functional cost increases


we really do believe that that's critical to be able to provide the services and to provide the quality of service


pretty specific terms out there on what those drivers are and give you a lot better opportunity to


producer activities in sort of prolific shale plays that may have high associated gas cuts coming with them,


in whatever outfit you wanted him or her to wear, and you could buy it straight through to the site, so pretty cool for the gaming generation.

and in whatever outfit you wanted him or her to wear and you could buy it straight through to the site so pretty cool for the gaming generation


is to sort of highlight the amount of network interfacing that goes into these products. And these products really are made

is to sort of highlight the amount of network interfacing that goes into these products and these products really are made


This is a situation where we're realizing the benefits of being both the operator and the landlord of a cinema at our shopping center.

this is a situation where we're realizing the benefits of being both the operator and the landlord of a cinema at our shopping center


There are several other contracts out there that we're currently tendering as well. And we will have some good choices to make in terms of we could contract long again,

there are several other contracts out there that we're currently tendering as well and we will have some good choices to make in terms of we could contract long again


but also we're now managing the operational risk as well. So some of you may recall Lakeside in its early days.

but also we're now managing the operational risk as well so some of you may recall lakeside in its early days


A hub-and-spoke business model allows us to serve an incredibly broad spectrum of customers, getting them to the places they want to fly with the amenities that they value.

a hub-and-spoke business model allows us to serve an incredibly broad spectrum of customers getting them to the places they want to fly with the amenities that they value


Additional details on our investment portfolio at quarter end are included in the press release that we issued yesterday, but I'll touch on a few highlights.

additional details on our investment portfolio at quarter end are included in the press release that we issued yesterday but i'll touch on a few highlights


We have developed this value creation model with a focus to Link People to a Brighter Future, and it embraces our stakeholders,

we have developed this value creation model with a focus to link people to a brighter future and it embraces our stakeholders


The preproduction process has been long and complex. The products being developed by the OEMs are sophisticated. Their markets

the pre-production process has been long and complex the products being developed by the oems are sophisticated their markets


do you think that core growth rate accelerates or decelerates or remains relatively flat through the remainder of the calendar year?


All of our efforts to date have been focused on positioning Charles River as the premier early-stage contract research organization

all of our efforts to date have been focused on positioning charles river as the premier early-stage contract research organization


And all I can say to try to answer that question is we will do everything we can to continue to

and all i can say that to try to answer that question is we will do everything we can to continue to


This change has no impact on reported operating income, operating cash flows, net income or earnings per share.

this change has no impact on reported operating income operating cash flows net income or earnings per share


If you want to ask a question, please just put your hand up, introduce yourself and where you're from, and a microphone will arrive

if you want to ask a question please just put your hand up introduce yourself and where you're from and a microphone will arrive


which we will refer to during the call, are available on the IR section of our website as well as on our iPhone and iPad applications.

which we will refer to during the call are available on the ir section of our website as well as on our iphone and ipad applications


Excluding the impact of On Time, which we'll get to in a minute, we also made good progress in our efforts to drive organic growth,

excluding the impact of on-time which we'll get to in a minute we also made good progress in our efforts to drive organic growth


and third, the revaluation of the peso in the first quarter, which impacted our equity by spurning the creation of a larger deferred tax liability

and third the revaluation of epeso in the first quarter which impacted our equity by spurring the creation of a larger deferred tax liability


You can find reconciliations of all pro forma figures to their respective GAAP measures in an appendix to today's presentation.

you can find reconciliations of all pro forma figures to their respective gaap measures in an appendix to today's presentation


Our 12% increase in revenue in the first quarter was driven by a better effective price per gallon on higher volume,

our 12% increase in revenue in the first quarter was driven by a better effective price per gallon on higher volume


what type of money are you going to get from them, so you don't have to dilute the stock anymore?

what type of money are you going to get from them so you don't have to dilute the stock anymore


In Asia Pacific, lower volumes were caused mainly by India. As I mentioned, the popular segment there is in decline.

in asia pacific lower volumes were caused mainly by india as i mentioned the popular segment there is in decline


is making sure that we have the right product in the right place, and that's in our stores. And not all of the product belongs in our stores, but

is making sure that we have the right product in the right place and that's in our stores and not all the product belongs in our stores but


But this was somewhat offset by obsolescence costs related to the transition of the assortment and to a lesser degree, the higher mix of installation sales.

but this was somewhat offset by obsolescence costs related to the transition of the assortment and to a lesser degree the higher mix of installation sales


have a solid operating plan and have the right team in place. We do understand, however, that we have a long way to go.

have a solid operating plan and have the right team in place we do understand however that we have a long way to go


we do see that as an opportunity or an area where we can be, again, front-footed and lean into a little bit over the foreseeable future.

we do see that as an opportunity or an area where we can be again front footed and lean into a little bit over the foreseeable future


Our strong execution really positions us well for further investments in our business to drive future top line growth opportunities.

our strong execution really positions us well for further investments in our business to drive future top line growth opportunities


minute 1, on day 1 of the stress, you can look out and see how bad it's going to be. And because you can look out and see how bad it's going to be,

minute 1 on day 1 of the stress you can look out and see how bad it's going to be and because you can look out and see how bad it's going to be


So before I turn over to Bernie, I'll come back to my key themes. It's all about growth for us, customers, ARPUs, revenue and OCF. And while we feel

so before i turn over to bernie i'll come back to my key themes it's all about growth for us customers arpus revenue and ocf and while we feel


The letters of credit business continued its upward trend over the last couple of quarters as demand is picking up from a more diversified slate of clients.

the letters of credit business continued its upward trend of the last couple of quarters as demand is picking up from a more diversified slate of clients


The management delayering is essentially completed and we are currently in the midst of implementing the remaining staff-related measures.

the management delayering is essentially completed and we are currently in the midst of implementing the remaining staff-related measures


All of this would not be possible without the Herculean efforts by our team on the island as well as our property and construction management teams.

all of this would not be possible without the herculean efforts by our team on the island as well as our property and construction management teams


So what does that mean for the shareholder? I think it's, again, positive news over the last 20 -- last years, we have been able to constantly

so what does that mean for the shareholder i think it's again positive news over the last 20 last years we have been able to constantly


with a large part of the compensation really at risk based on the corporation's


we hit the ground running on integration initiatives with a key focus on preserving customers in the short term and share gains in the medium to long term.


Third and finally, we are creating new paths to our customers to supplement or even circumvent the markets,

third and finally we are creating new paths to our customers to supplement or even circumvent the markets


Vince remains a leading brand with our department store partners, and we believe we have an opportunity to further strengthen our market share position

vince remains a leading brand with our department store partners and we believe we have an opportunity to further strengthen our market share position


the only question was how much because margins had been pinched so much. We're now in a sweet spot right now, where I think people are saying how certain.

the only question was how much because margins have been pinched so much we're now in a sweet spot right now where i think people are saying how certain


The declines in refrigerated reflect the fact that with the exception of Reddi-wip, we have yet to bring innovation to the marketplace.

the declines in refrigerated reflect the fact that with the exception of ruddy whip we have yet to bring innovation to the marketplace


So we feel quite good, particularly about where we are with the orders we have in-house for private label and the momentum

so we feel quite good particularly about where we are with the orders we have in house for private label and the momentum


Year-over-year, the reduction in other income is largely the result of a change in the India budget,

year over year the reduction in other income is largely the result of a change in the india budget